Wind Up Wind Down

Since April 2011, Close Corporations (CCs) have not been registered under the Close Corporation Act 69 of 1984 in South Africa. However, existing CCs can still operate and can be liquidated when needed. In this article, we talk about how a Close Corporation can undergo liquidation in South Africa.

Liquidating a company in South Africa is a tedious process that involves multiple parties, legal approvals on every step, and a plethora of paperwork. Whether triggered by financial struggles, shifts in market conditions, or strategic choices, having a clear grasp of the timeline and necessary steps involved in the liquidation process is vital. When considering this route, one question comes to mind: How long does liquidation take in South Africa? Let's find out!

Winding up a business in South Africa, whether solvent or insolvent, is possible through Liquidation. The Liquidation strategy provides an opportunity to cease your business operations and to sell your business assets to settle the debts. You can also Liquidate if you do not have assets in your business. In this article, we have formulated a step-by-step guide to the Liquidation process in South Africa. Let’s dive in!

Business owners hesitate to consider the benefits that Liquidation can offer them due to deeply rooted misconceptions. Here are the benefits

Insolvency law is undergoing a transformation that is set to change the way businesses recover from financial distress.

After Liquidation, many companies emerge strengthened by rebranding efforts and a solid online strategy. Here's how.

Embracing resilience in the face of liquidation involves staying adaptable, maintaining a positive outlook and leveraging lessons learned.

Another company in South Africa goes into Liquidation. Retailer Drip Footwear has entered liquidation, with employees laid off this week.

Sapo’s business rescue practitioners, the entity risks running out of funds in October 2024 unless it receives a government injection.

This guide aims to highlight common mistakes that Directors make before and during the Liquidation Process. Here are some valuable insights.

The article deals with SARS debt /penalties during company liquidation, exploring the outcomes in scenarios with and without company assets.

What are the implications of signing personal surety for business debt? Read our article to find out more.

How to Recover from Liquidation and Restart Your Business

Signs your business is in Financial Trouble and how to correct course to prevent the need for Business Rescue or Voluntary Liquidation.

In the realm of business, challenges and setbacks are not uncommon, and one such hurdle that small businesses may face is insolvency.

In the realm of financial matters, insolvency law trends play a paramount role in shaping the landscape for businesses and individuals alike

Bank now owns 8% of Accelerate after taking possession of shares. Michael Georgiou, a non-executive director at JSE-listed Accelerate...

South African companies are in deep trouble as their net profits and dividend payouts declined sharply through 2023.

Comair no longer has access to capital to fund its operational costs and will be placed under Provisional Liquidation.

Although Comair’s British Airways and Kulula.com were viable businesses they were unable to get capital to resume operations.